Washington Post Buys Washington Technology

The Washington Post Co. has agreed to buy TechNews Inc., publisher of Washington Technology newspaper.

"Washington Technology has played a leadership role in the development of the region's technology industry and serving its information needs," said TechNews founder Esther Smith, who will remain the paper's editor at large. "We have a unique Washington franchise and there could be no more appropriate guardian than The Washington Post Co."

Officials at the Post depict the move as headway into the area's growing infotech community.

"The acquisition of Washington Technology sends a signal that The Washington Post Co. is serious about serving the needs of the technology community in the Washington region," said Alan G. Spoon, president of The Washington Post Co.

"We plan to continue to work with the Washington technology community to develop new information products and services that meet the needs of the mushrooming regional Netplex," said Andrew Jacobson, the Post's director of professional information services. "This includes commercial and government systems integrators, Internet companies, telecom and data communication service providers, multimedia and software entrepreneurs, venture capitalists and bankers."

Beyond its regional coverage, the newly acquired Washington Technology is expected to leverage its readership's growing national presence and expand its coverage through both commercial and government related projects.

"In addition to Washington Technology's strong position in the technology community, we hope to leverage the newspaper's veteran staff," said Jacobson, who will serve as chief executive officer of TechNews Inc. Tim Karney will remain as publisher, Michael A. DeSimone as associate publisher, Jack Sweeney as editor and John Hurley as director of market access programs. John Sanders, current chairman of TechNews, will become a consultant to the company.

The acquisition will be accomplished through a merger between TechNews and a newly formed subsidiary of The Washington Post Co. The merger agreement is subject to approval by the shareholders of TechNews.

Published since 1986, Washington Technology is an award-winning business newspaper with a national circulation of 40,000 in the information technology service industry. In addition to the newspaper, TechNews publishes an annual Almanac, a directory of local technology companies, Washington Technology Online, and other print and electronic products.